TUSTIN, CA--(Marketwire - April 08, 2010) - Through its US-based subsidiary AMDL Diagnostics Inc., Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today it has signed an exclusive 5-year sales, marketing, and distribution agreement with Jaiva Technologies, Inc., a US multinational biotechnology company, and its affiliate, Gaur Diagno (New Delhi), collectively referred to as ("JTGD"). Under the terms of the agreement, JTGD has the exclusive rights to distribute RPC's Onko-Sure™ in vitro diagnostic cancer test in the country of India and is responsible for product sales, marketing, and governmental regulatory in the territory.
Of primary importance, JTGD anticipates receiving Indian government support in various regions to implement the Onko-Sure cancer test as a cancer screening tool for populations at risk. This will be the first large scale Onko-Sure cancer testing/screening initiative. India is a key emerging healthcare market with immense potential to improve quality of life and mortality for its citizens.
JTGD has initiated Onko-Sure cancer testing in prestigious hospitals and cancer clinics throughout India. According to Dr. Umesh Bhatia, CEO of JTGD, "Onko-Sure is being well accepted by the Indian Medical community. We've already seen the impact that Onko-Sure is making in saving patient lives. Onko-Sure, when used as a general screen, was able to identify early-stage cancers that were otherwise missed by standard tests. We expect that Onko-Sure will become the leading cancer test and early screening tool in India."
This agreement is RPC's cornerstone and guide for developing a broader government backed healthcare strategy to encourage widespread screening of populations at cancer risk. According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, "This new distribution agreement with JTGD provides Radient Pharmaceuticals with a path for the first large scale use of the Onko-Sure cancer test as a general cancer screening tool. This initial general cancer screening program is the first step in moving Onko-Sure into becoming a generally accepted cancer screening tool throughout critical healthcare markets where such diagnostics will have a positive effect on patient care."
Onko-Sure is a simple, non-invasive, patent-pending and regulatory-approved in vitro diagnostic test that enables physicians and their patients to effectively monitor and/or detect certain types of cancers by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP). FDP levels rise dramatically with the progression of cancer. Onko-Sure is approved by the US FDA for the monitoring of colorectal cancer and by Health Canada as a lung cancer screen and cancer monitoring tool.
According to ReportLinker, the worldwide IVD oncology market is estimated to exceed $15.6 billion in the next 5 years, offering strong product revenue potential for Onko-Sure. Radient Pharmaceuticals now projects approximately $7.6 million in Onko-Sure test kit and CLIA lab testing services sales by year-end 2010 with approximately $3 million in net earnings. The financial terms of today's agreement were not specifically disclosed.
According to the American Cancer Society, 1 in 8 deaths worldwide is due to cancer, and globally, cancer causes more deaths than AIDS, tuberculosis, and malaria combined. It is the 2nd cause of death in economically developed countries and the 3rd leading cause of death in developing countries; and imposes a substantial burden on the world economy. Medical and related non-medical costs associated with new cancer cases in 2009 are estimated to be US$217 billion with lost productivity as a result of time out of work accounting for an additional US$69 billion, according to a new report from the Economist Intelligence Unit and American Cancer Society. The number of new cancer cases globally is expected to climb to almost 17 million by 2020 from just under 13 million today as the population ages and the disease cuts an ever-wider path through emerging economies.
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at kszarkowitz@Radient-Pharma.com or 1.206.310.5323.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals Corporation is an integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, and premium skin care products.
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.